http://www.fxstreet.com/fundamental/market-view/commodity-observatory/http://www.fxstreet.com/fundamental/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/fundamental/market-view/commodity-observatory/2010-03-09.htmlThe oil price benefited from an improvement in the economic outlook and reached the highest level since the beginning of January. Metal markets shared the positive tone displayed by oil markets. In the case of copper, prices were also driven up – mainly at the beginning of the week - by concerns regarding production disruption generated by the Chilean earthquake. Agriculture prices dropped significantly led by sugar prices which declined 10% this week. Energy U.S. oil inventories rose 4mb,Tue, 09 Mar 2010 11:48:47 GMThttp://www.fxstreet.com/fundamental/market-view/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/market-view/commodity-observatory/2010-03-09.htmlhttp://www.fxstreet.com/fundamental/market-view/commodity-observatory/2010-02-22.htmlCommodity prices displayed mixed results this week. Oil and metal prices moved up following the positive tone displayed by equity markets while, on the other hand, agriculture prices continued less reactive to financial variables and closed the week down, supported by some news regarding the fundamentals of the markets. Despite the relative recovery observed in some commodity markets in the last two weeks, current prices are still significantly below one-month ago levels. Energy The oil priceMon, 22 Feb 2010 19:21:24 GMThttp://www.fxstreet.com/fundamental/market-view/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/market-view/commodity-observatory/2010-02-22.htmlhttp://www.fxstreet.com/fundamental/market-view/commodity-observatory/2010-02-08.htmlA stronger US dollar, the negative tone in financial markets as well as the lack of evidence of a solid recovery in physical demand have all contributed to another week – the fourth in a row - of downward correction in commodity prices. Oil, copper and most grains prices have lost more than 10% in the last month while the prices of some metals, such as lead and zinc, have dropped more than 20%. Energy The US refinery utilization rate dropped to 77.7%, a new record low (except for the Mon, 08 Feb 2010 20:06:18 GMThttp://www.fxstreet.com/fundamental/market-view/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/market-view/commodity-observatory/2010-02-08.htmlhttp://www.fxstreet.com/fundamental/market-view/commodity-observatory/2010-02-02.htmlCommodity prices went trough another week of generalized downward correction as concerns due to renewed concerns about the macroeconomic and dollar appreciation. The oil price accumulates an 8% decline year-to-date and is currently around USD 72 per barrel, the lowest price since the end of the last year. Energy According to the US Energy Department, both oil and gasoline stockpiles are around 4 percent higher than the five-year average. Distillate inventories are more than 16% higher than theTue, 02 Feb 2010 20:46:32 GMThttp://www.fxstreet.com/fundamental/market-view/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/market-view/commodity-observatory/2010-02-02.htmlhttp://www.fxstreet.com/fundamental/market-view/commodity-observatory/2010-01-25.htmlFollowing the negative tone of financial markets and the appreciation of the dollar against other main currencies, commodity prices eased significantly this week. The only exception was the price of sugar, which continues at historically high levels. The oil price declined for the second week in a row and is now around USD75 per barrel, close to our forecast for the end of this year. Energy US refineries are operating at 78.4% of its capacity, the lowest rate (outside a hurricane season) sinceMon, 25 Jan 2010 19:03:26 GMThttp://www.fxstreet.com/fundamental/market-view/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/market-view/commodity-observatory/2010-01-25.htmlhttp://www.fxstreet.com/fundamental/market-view/commodity-observatory/2010-01-19.htmlThe oil price dropped more than 5% after five weeks of continuous growth. This price decline is due to a significant expansion in US inventories, the appreciation of the dollar, the release of negative macroeconomic data in the USA and the easing of weather concerns. The IEA kept its supply-demand forecasts for the oil market practically unchanged. Energy US oil inventories expanded 3.7 mb in the week ended Jan 8th. This expansion was much larger than anticipated by the markets. Gasoline andTue, 19 Jan 2010 10:30:18 GMThttp://www.fxstreet.com/fundamental/market-view/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/market-view/commodity-observatory/2010-01-19.htmlhttp://www.fxstreet.com/fundamental/market-view/commodity-observatory/2010-01-13.htmlMost commodity prices have been moving up since the beginning of the year in tune with more optimism regarding world growth and despite a dollar appreciation. The price of oil reached this week the highest value since October of 2008 while copper prices hit a 16-month high. The cold spell in the Northern Hemisphere has been providing support to energy prices.. Energy The price of oil reached a 14-month high this week. Improved perspectives regarding world recovery are supporting this upwardWed, 13 Jan 2010 13:17:07 GMThttp://www.fxstreet.com/fundamental/market-view/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/market-view/commodity-observatory/2010-01-13.htmlhttp://www.fxstreet.com/fundamental/market-view/commodity-observatory/2009-12-14.htmlThe oil price reached this week the lowest levels in the last two months. Both the strengthening of the US dollar and the expansion of US gasoline inventories were the main drivers of this downward correction. NEW FORECASTS: BBVA’s revised forecasts incorporate better growth perspectives and the assumption that financial factors should provide less support in 2010 (but more than we initially thought). In general we adjusted our forecasts up but continue to think that there is no room forMon, 14 Dec 2009 22:55:30 GMThttp://www.fxstreet.com/fundamental/market-view/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/market-view/commodity-observatory/2009-12-14.htmlhttp://www.fxstreet.com/fundamental/market-view/commodity-observatory/2009-12-08.htmlIncreasing production in Russia as well as a large building in US oil inventories weighted on oil prices this week but a depreciation of the dollar ended up driving prices upwards. Copper, aluminium, lead and zinc prices reached their highest levels in 2009 as Chinese demand and a weaker dollar continue providing support.. Energy After dropping significantly following the concerns with the Dubai World debt the price of the oil recovered and came back to the USD75 – USD 80 range in which it hadTue, 08 Dec 2009 18:11:29 GMThttp://www.fxstreet.com/fundamental/market-view/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/market-view/commodity-observatory/2009-12-08.htmlhttp://www.fxstreet.com/fundamental/market-view/commodity-observatory/2009-12-01.htmlConcerns related to the Dubai World debt provided support to the dollar and helped to drive commodity prices downwards in the end of last week. The oil price declined to USD 74 per barrel, after trading for more than five weeks in the USD 75 to USD 80 range. However, during the early trading on Monday morning, prices rebounded following the news that United Arab Emirates’ Central Bank will provide support to local and foreign banks affected by Dubai’s possible default. Energy In the end ofTue, 01 Dec 2009 10:56:32 GMThttp://www.fxstreet.com/fundamental/market-view/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/market-view/commodity-observatory/2009-12-01.htmlhttp://www.fxstreet.com/fundamental/market-view/commodity-observatory/2009-11-18.htmlBoth OPEC and the International Energy Agency (IEA) revised upwards their oil demand forecasts due to improved perspectives regarding economic growth. These revisions counterbalanced the impact of higher than expected US inventories on the oil price, which has been in the 75-80 dollars range in the last four weeks. Energy The price of oil is currently around USD 77 per barrel. It has been now four weeks since oil prices remain within the 75-80 dollars range. US oil stockpiles rose 1.76mb whileWed, 18 Nov 2009 09:59:59 GMThttp://www.fxstreet.com/fundamental/market-view/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/market-view/commodity-observatory/2009-11-18.htmlhttp://www.fxstreet.com/fundamental/market-view/commodity-observatory/2009-11-03.htmlCommodity prices rebounded on Thursday following news that the US GDP grew 3.5% in the third quarter after four quarters of negative growth. For most commodities, however, the rebound was not large enough to offset the losses observed in the beginning of the week when the appreciation of the dollar helped to drive prices down. Energy The price of oil rose around 3% on Tuesday when data on US GDP growth were released, however it remained below the levels observed the week before when the dollarTue, 03 Nov 2009 08:48:28 GMThttp://www.fxstreet.com/fundamental/market-view/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/market-view/commodity-observatory/2009-11-03.htmlhttp://www.fxstreet.com/fundamental/market-view/commodity-observatory/2009-10-27.htmlThe price of oil broke the USD 80 per barrel mark in the middle of last week and then receded slightly on Friday. The upward move was driven by the consolidation of recovery perspectives and by the weakness of the dollar. Copper prices also rose to reach values close to USD 6650 per ton, in spite of rising inventories. IN DEPTH: see on page 2, “COMMODITY PRICES: FUNDAMENTALS WILL REASSERT THEMSELVES” about BBVA’s new commodity price forecasts. Energy Oil prices continued to move upwardsTue, 27 Oct 2009 09:25:52 GMThttp://www.fxstreet.com/fundamental/market-view/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/market-view/commodity-observatory/2009-10-27.htmlhttp://www.fxstreet.com/fundamental/market-view/commodity-observatory/2009-09-15.htmlOPEC members decided to keep their output unchanged as the oil price has been hovering close enough to the range considered optimal by the cartel (USD 70 to USD 80 per barrel). Price’s reaction to this move was pale as the decision had been anticipated by the markets. The oil price increased slightly due to a weaker dollar and higher oil demand estimates. Energy The oil price increased slightly last week due to a weaker dollar and news regarding the fundamentals of the market. TheTue, 15 Sep 2009 12:58:22 GMThttp://www.fxstreet.com/fundamental/market-view/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/market-view/commodity-observatory/2009-09-15.htmlhttp://www.fxstreet.com/fundamental/market-view/commodity-observatory/2009-08-26.htmlThe oil price was driven up last week by the largest drop in US inventories since May of 2008 and by the depreciation of the dollar. The oil price is now slightly below the highest value reached in the year (USD 75.5 per barrel recorded in the beginning of the month). The weakness of the North-American currency also provided support to other commodity prices. Energy The price of oil increased more than 5% last week due to an 8.4mb drop in US inventories (the highest drop since May of 2008).Wed, 26 Aug 2009 10:39:08 GMThttp://www.fxstreet.com/fundamental/market-view/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/market-view/commodity-observatory/2009-08-26.htmlhttp://www.fxstreet.com/fundamental/market-view/commodity-observatory/2008-06-18.htmlWe have revised our oil forecasts upwards to US$ 104 and US$ 81 by the end of 2008 and 2009 respectively. This revision is consistent with our expectation of a slowler appreciation of the USD and a weaker supply response. The very high plateau that prices have reached in the last few weeks should also extend the time need to reach equilibrium prices. Corn soared due to bad weather in US. Agriculture Bad weather conditions in US (for corn and soybean) and in Australia (for wheat) are drivingWed, 18 Jun 2008 08:54:37 GMThttp://www.fxstreet.com/fundamental/market-view/e.economicos@bbva.bancomer.com (BBVA Bancomer)http://www.fxstreet.com/fundamental/market-view/commodity-observatory/2008-06-18.html